The OB, in the state it was when they tore it down, did suck. Now, which do I prefer between Dolphin Stadium and the OB; not a question, it would be the OB, b/c of the atmosphere (not to mention easier to get to from Miami). I feel a big part of the nostalgia for the OB is that we were good there for so long; obviously DS has nowhere near the atmosphere of the OB even if you were to play the same game there, but I bet it would be a lot better atmosphere if you had the early 2000 Canes playing there than our current teams (and conversely the atmosphere at the OB would not be great with our current team).
I look at it like the Redskins stadium situation. FedEx field is a horrible game day experience and RFK back in the day was one **** of a rocking stadium, but RFK is a complete dump now and was when the Redskins left. Again, like the Canes, the Redskins have not had much luck since moving to FedEx which adds to the hatred of the stadium and the fond memories of the previous one, but just b/c FedEx sucks, does not mean RFK didn't. I think the same holds true for the OB; a game at DS sucks more than at the OB, but the OB was on it's last legs.
Now if they could have somehow modernized the OB w/o taking away its character, that would have been the best option IMO. That or an on campus stadium (logistics of funding, Coral Gables, parking, and highway infrastructure aside), but that is all moot at this point.